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September 2017
IS CHARTERED ACCOUNTANT
SEPTEM BER 20 17
SI N
GAP
OR
EC
OR P
OR A S
TE AWARD
HONOURING EXCELLENCE IN CORPORATE GOVERNANCE
SECOND QUARTER REPORT THE GREAT KICK BACK
ON SOUTHEAST ASIA ECONOMIC INVERSION AND RELAX
Asia Strengthens While How Balance Sheets Holiday Ideas For That
Outlook Remains Steady Have Been Tipped Upside Down Well-Deserved Break
IS Chartered Accountant Journal awarded APEX Award 2017
PRESIDENT’S MESSAGE
DRIVEN BY COMMITMENT,
OPEN TO OPPORTUNITIES
Dear members,
Financial advisor, lawyer, historian, from notable members, with the the latest developments. I would like
accountant and even soothsayer… aim to inspire existing and future to encourage you to keep on upgrading
they are all expected to undertake a members. The segment also broadens your know-how and skills. Where
myriad of roles in their professional awareness of the multiple career necessary, adapt and reinvent yourself
lives. But significantly, accountants paths an ISCA membership offers. so that you can stay relevant and be
are now looked upon for counsel in In this issue, our award-winning future-ready.
the more strategic areas of business, members demonstrate that attitude is Our future is shaped in large part by
over and above their traditional as important as aptitude. They show the young people of today. In June, ISCA
finance functions. This evolution is a a deep commitment to continuous launched a competition in search of the
positive development and it means improvement – not only for themselves, brightest young accounting professional
that accountants can provide value- but also for the people they lead. And aged 30 years and below to represent
added services to the workplace, and in this dynamic age, they advocate ISCA at the One Young World (OYW)
I urge members to take advantage of adaptability, flexibility and open- Summit 2017. The competition was
this momentum. Continue to develop mindedness towards opportunities intense, attracting a number of highly-
yourselves so that when the time is emerging from technological disruption qualified young people who impressed
right, you are ready to step up and an evolving business environment. the judges with their passion and
to assume additional responsibilities. Find out what motivates them, and profiles. Meet the finalists and eventual
This month’s cover story features their perspectives on life and work. winner – Muhammad Ashiq Chu. Soon,
three ISCA members who have moved Technology will soon be an he will be sharing with us his OYW
up the ranks to assume leadership integral part of our lives as Singapore Summit experiences.
positions, and won recognition for moves towards being a Smart The accounting profession
their achievements. Nation. According to PM Lee Hsien is a demanding one, so be
At the Singapore Corporate Awards Loong at this year’s National Day kind to yourself – take
2017, Chua Sock Koong received the Rally, being a Smart Nation means time out to rejuvenate
Best CEO Award. She is the first woman “taking full advantage of IT” to create and restore for the
to win this award and the only person opportunities, enhance productivity future. Have a look
to have bagged both the Best CEO and and make life more convenient. The at our Taking Flight
Best CFO Awards in the event’s 12-year Institute, too, has committed to our segment which
history. (Ms Chua also took home the own “smart” journey for members features holiday ideas
Outstanding Professional Accountant and the profession. For some time for destinations near
Award at the Singapore Accountancy now, through various ISCA initiatives and far – ideal for
Awards 2016.) Please join me in spanning CPE courses, seminars, a well-deserved
congratulating Ms Chua and the other e-Services Portal and other resources break. Enjoy!
two award recipients, Darren Tan, who including this journal, we have shared
is now a Council Member of ISCA, different ways that members can
and Foo Ai Huey, who each won the leverage on IT to work smarter and
Best CFO Award. enhance learning. We have also kept
We introduced the Member members updated on the potential Gerard Ee
Profile segment two years ago to impact IT has on the profession, and FCA (Singapore)
capture the sharing of experiences emphasised the need to keep up with president@isca.org.sg
CONTENTS
FOCUS
sep
2017
Singapore Corporate
20
Awards 2017
20 Singapore Corporate
Awards 2017 IN TUNE
Three ISCA members received
top honours for exemplary 5 Only 37% of SME Debts Paid on Time
corporate governance practices in Q2, the Lowest Level in Two Years
for listed companies in Singapore 6 Purpose, Not Profit: Business Leaders’
Key to Success amid Turbulent
Global Economy
8 Salary Counteroffers Ineffective in
Retaining Staff
9 Managing Change and Transformation
is Key to Sustaining Family Businesses
10 National Day Awards 2017
12 ISCA-Temasek Foundation
34 International Public Administration
Programme in Accountancy
16
34 Kick Back and Relax 14 ISCA Sustainability Reporting
Holiday ideas for you to recharge Roundtable for CFOs
and get a genuine, well-deserved 14 ASC-ISCA Roundtable on
break IASB’s Discussion Paper:
Principles of Disclosure
38 One Young World 16 ISCA Breakfast Talk: The Future
Summit 2017 Economy: Preparing Accountants
Revealed: ISCA’s ambassador to in the Global Game of Change
18
12
the Summit in October, and other Digging Deeper into Tax for Members
competition finalists 18 ISCA Calendar of Events
2 IS Chartered Accountant
IS CHARTERED ACCOUNTANT
COUNCIL MEMBERS EDITORIAL TEAM
VIEWPOINT Advisor Teo Ser Luck
President Gerard Ee
Editor
Jennifer Toh
Vice President Kon Yin Tong Email: editor@isca.org.sg
Treasurer Vincent Lim Deputy Editor
Members Yvonne Chan Pauline Chee
Mei Chuen, Chan Yoke Kai, Assistant Editor
Cheng Qiang, Frankie Chia, Chia Suat Ning
Michael Chin, Choo Teck Min, Members
Balasubramaniam Janamanchi, Ang Soon Lii, Sheryl Hon,
Paul Lee Seng Meng, Lee Shi Ruh, Kang Wai Geat, Joelle Loy,
Lee Wai Fai, Lim Kexin, Max Loh Perrine Oh, Derek Tang,
Khum Whai, Anthony Mallek, Sim Anne Tay, Ellen Wong,
Hwee Cher, Tam Chee Chong, Yap Lu Ling
Darren Tan Siew Peng, Kelvin Tan
Wee Peng, Roger Tay Puay Cheng PUBLISHER
Institute of Singapore
PRINCIPAL OFFICERS Chartered Accountants
Chief Executive Officer 60 Cecil Street, ISCA House,
Lee Fook Chiew Singapore 049709
Executive Director
42
(Corporate Services) Tel: (65) 6749-8060
Janet Tan Fax: (65) 6749-8061
Director Email: isca@isca.org.sg
(Communications, Member Website: www.isca.org.sg
Services & Marketing)
42 The Great Economic Jennifer Toh
Director
PUBLISHING & DESIGN CONSULTANT
Inversion (Part 1) (Strategy, Global Alliances,
Intangible assets are important and Insights & Intelligence)
Joyce Tang
should be on the board’s agenda; Director
here’s why (Audit Quality & Standards
Development, Continuing MCI(P) 030/05/2017
Professional Education, PPS 709/09/2012 (022807)
46 Second Quarter and Industry Support)
Fann Kor
ISSN 2010-1864
Report on Southeast Asia Director ADVERTISING
A positive first quarter performance (Pathways Development Multinine Corporation
& Qualifications) Pte Ltd
driven by accelerating growth in Soh Suat Lay Trevor Teh
Malaysia and Thailand paves the Deputy Director Hp: 9829-6905
46
(Corporate Reporting Email:
way for the region’s steady growth & Ethics) trevor@multi9.com.sg
in the months ahead Lim Ju May
PRINTING COMPANY
EDITORIAL ADVISORY PANEL Times Printers Private Limited
Chairman
TECHNICAL EXCELLENCE Gerard Ee
Deputy Chairman
Paul Lee Seng Meng
Members
50 Technical Highlights Foo See Liang,
Edmund Keung Ching Tung,
Koh Wei Chern, Lee Kin Wai,
52 The Finesse of Luke Lim, Phua Yung Keat,
Patrick Tan Teck Keong
TP Functional Analysis
An SIATP session delves deep The views expressed in IS Chartered Accountant
into functional analysis in journal do not necessarily represent those of the
Institute of Singapore Chartered Accountants (ISCA).
transfer pricing No responsibility is accepted by the Institute or its staff
for the accuracy of any statement, opinion or advice
contained in the text or advertisements, and readers are
FIRST LOOK advised to rely on their own judgement or enquiries, and
50
to consult their own advisors in making any decisions
which would affect their interests. No part of this
56 Books & Quiz publication may be reproduced, stored in a retrieval
system, or transmitted in any form or by any means,
electronic, mechanical, photocopying, recording or
otherwise, without the prior written permission of ISCA.
IS Chartered Accountant journal welcomes contributions
and letters. These may be edited for clarity or length.
Articles, letters and requests to reproduce articles
appearing in IS Chartered Accountant journal should
be sent to Editor, IS Chartered Accountant, Institute of
Singapore Chartered Accountants, 60 Cecil Street, ISCA
House, Singapore 049709 or email: editor@isca.org.sg.
Download the
IS Chartered Accountant journal
on your smart phone or tablet.
52 To read the journal on your computer,
simply go to http://isca.org.sg/journal
September 2017 3
IN TUNE
INDUSTRY NEWS
Only 37% of SME Debts 90 days remained at 14% in Q2, the
same level as in Q1.
Paid on Time in Q2, the
DP Info General Manager Sonny
Tan said the most likely explanation
Lowest Level in Two Years
for the change in payment behaviour
is that SMEs are managing their cash
flow by prioritising which debts to
T
he percentage of SME debts found that the proportion of SME pay first. They could also be setting
paid on time fell to just debts paid on time fell from 52% in aside money for other things, such
37% in the second quarter 1Q2017 to 37% in 2Q2017 – a drop as “funding growth opportunities
of 2017 – the lowest level of 15 percentage points. This is the in anticipation of greater demand
in two years. This change in SME lowest level since 2Q2015, when the in the second half of the year”. The
payment behaviour was revealed percentage of on-time payments most recent SBF-DP SME Index
in new research released by DP was 35%. had revealed that SMEs expect an
Information Group (DP Info), part of While the proportion of unpaid improvement in their sales in the
PHOTO SHUTTERSTOCK
the Experian group of companies. debts rose during the quarter, the second half of 2017. They are also
The research, which analyses percentage of severely delinquent keen to pursue business expansion
the payment patterns of more than debts – those still unpaid 90 days by increasing their market share,
120,000 companies in Singapore after they fall due – did not change. targeting new markets or introducing
during the second quarter of 2017, The percentage of debts unpaid after new products and services.
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Email: general@entrust.sg
www.entrust.sg September 2017 5
IN TUNE
INDUSTRY NEWS
A Purpose, Not Profit:
majority (73%) of business
leader respondents
Business Leaders’ Key to
believe in the value
of a strong corporate
purpose, and only a minority (15%)
say their company’s main purpose
is to maximise shareholder value, Success amid Turbulent
Global Economy
according to an EY report, “How
can purpose reveal a path through
disruption? Mapping the journey
from rhetoric to reality”.
Based on a survey of 1,470 global TANGIBLE BENEFITS LEADERS NEED TO TURN
leaders representing companies The survey found that 97% of THEIR PURPOSE RHETORIC
across various industries in companies that deeply integrated a INTO BUSINESS REALITY
developed and emerging markets broader sense of purpose into their In order to help businesses
around the world, the respondents DNA reported a good or great deal of understand the pathway to turning
include 500 businesses with annual incremental value from doing so. the purpose rhetoric into reality, the
revenues of US$2.5 billion or more. Companies that have deeply report identified four steps that can
The report revealed that embedded an aspirational and human- help every organisation reach their
purpose means different things to centric definition of purpose cited purpose goals:
different companies. When asked specific ways in which embedding 1) Clearly articulate a purpose
to characterise their organisation’s their purpose across activities creates that responds to the needs
purpose, 33% of respondents cited value. Fifty-two percent said that it of their stakeholders and
bringing value to customers; 15% of helps build customer loyalty; 51% is grounded in what an
global organisations said boosting reported that it preserves brand value organisation does;
their share price, and 11% cited and reputation; 42% cited that it helps 2) Embed purpose into their
bringing value to their employees, them attract and retain staff, and strategy and operations, and
all focusing on a single stakeholder 40% attributed the ability to develop align their decision-making with
group. Others have a different new and innovative products to the that purpose;
conception – 40% of respondents presence of purpose within 3) Constantly evaluate where they
said their organisation’s purpose their business. are in their journey and what
is aimed at creating value for According to Valerie Keller, needs to change;
multiple stakeholders or offering an Global Lead, EY Beacon Institute and 4) Accelerate the journey by placing
aspirational reason for being. EY Global Markets, “Our research purpose at the centre of their
In addition, two-thirds of shows the real advantages companies culture and ensuring it is owned
executives (66%) were profoundly gain when going on an authentic by their people.
rethinking their organisations’ purpose journey. The data also busts
purpose as a result of the disrupted the myth of purpose versus profit. “All the disruption geopolitically,
environment, and 52% of those Seventy-five percent of purposeful economically and technologically
were moving in the direction of this companies involved in our survey tell is a catalyst for a new evolution
wider concept of purpose. Sixty-eight us that the integration of purpose in business. Those most able to
PHOTO SHUTTERSTOCK
percent of companies that broadly creates value in the short term as well thrive in this new world are focused
defined purpose and integrated it as over the long run. They also report on their impact on the humans
into their organisations said purpose that being purposeful gives them they touch – the customers, the
gave them the agility to innovate in greater agility to innovate in the face employees and the wider society,”
times of disruption. of disruption and uncertainty.” said Ms Keller.
6 IS Chartered Accountant
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IN TUNE
INDUSTRY NEWS
Salary Counteroffers
Cultural fit is the main driver
for 60% of CFOs who have made a
counteroffer as the employee fits in
Ineffective in well with the company and team. More
than half (59%) cited the desire to
Retaining Staff
retain knowledge within the company
as one of the main reasons for making
a counteroffer, while 57% pointed
to the additional costs related to the
C
ounteroffers are still made a counteroffer indicated that hiring, onboarding and the professional
common practice in the employee ended up leaving the development process.
Singapore companies company – 20% indicated the staff “Not only are counteroffers
despite their assumed member stayed less than a year, 22% ineffective in retaining employees
ineffectiveness in today’s competitive said the employee stayed for over a for the long term, they can also set
employment market, according to year, and 9% said they stayed fewer a negative precedent for employers
independent research commissioned than six months. as it gives an indication to staff that
by recruiter Robert Half. An “Even though extending a threatening to resign is a successful
overwhelming majority (96%) of counteroffer can be an immediate way to receive a pay rise, all while
Singapore CFOs extend counteroffers, reaction to a top employee resigning, creating rumours of favouritism
despite more than half (59%) of the offering a financial incentive to remain thereby undermining staff morale,”
same CFOs saying the employee with the company is just delaying the explained Mr Imbert-Bouchard, who
ended up leaving the company. inevitable as oftentimes, the reason suggested that a better approach
Extending counteroffers appears why they want to leave the company is to have a blanket policy to not
to be common practice here, with goes beyond purely financial reasons,” extend counteroffers to resigning
some 30% of CFOs applying this said Matthieu Imbert-Bouchard, employees as “it’s not an effective
practice “often”, 42% “sometimes”, Managing Director, Robert Half nor a cost-saving staff retention
and 5% “always”. Around 18% say Singapore. “Even if the counteroffer measure”. A better approach may be
they “rarely” make a counteroffer, is accepted, a higher salary does not for employers to be more proactive
and merely 5% say they have always equal better performance or in their staff retention initiatives to
“never” extended one. stronger loyalty. Employers would minimise staff turnover. “Knowing
However, further acknowledging be better-placed to withhold a what drives staff members and taking
the ineffectiveness of counteroffers, counteroffer and immediately start the appropriate measures, as well as
59% of business leaders who have hiring process to replace them.” regularly reviewing salaries, should be
key elements of any company’s staff
retention policy,” he added.
What are the main reasons for making a counteroffer? The annual study is developed
Employee fits in well with the company and team 60% by Robert Half and was conducted
in January 2017 by an independent
Desire to keep knowledge within the company 59%
research firm, surveying 100 Chief
Additional costs related to the hiring, onboarding and professional development process 57% Financial Officers and Finance Directors
in Singapore. This survey is part of
PHOTOS SHUTTERSTOCK
Smaller talent pool of skilled finance professionals 42%
the international workplace survey,
Employee turnover negatively affects team morale 21% a questionnaire about job trends,
talent management and trends in
Cost to replace a specific skill set would be too high 14%
the workplace.
Source: Independent survey commissioned by Robert Half among 95 Singaporean CFOs (multiple answers allowed)
8 IS Chartered AccountantManaging Change
and Transformation
isKey to Sustaining
Family Businesses
T
he second edition of the technologies, dynamic shifts towards was the importance of embracing change
Family Business Forum digitalisation, or even changes in while preserving family values, even as
titled “Managing Change customer expectations… Companies the next generation of successors focuses
in Today’s Uncertain that do not recognise and respond to on the role of technology and innovation
Environment” brought together change in time will be left behind,” to help their businesses transform.
diverse family businesses to share said SBF Chairman S.S. Teo in his Panellists also shared that recruiting
experiences in managing transitions, welcome address. “Alternatively, talent from outside the family circle is
and the importance of reinventing companies that see disruption as an essential to expand and professionalise
themselves to stay relevant. Organised opportunity can achieve accelerated their businesses.
by the Singapore Business Federation growth or develop new growth So while the next generation is in
(SBF) on August 1, participants were in strategies… Family values, culture and an advantageous position to adopt
unison that they would need to reinvent traditions are added dimensions that technology and best practices for change,
themselves to continue their legacy. family businesses have to manage in they also shoulder the responsibility to
“Almost every business today their transformation journey.” live up to expectations to inspire staff to
faces some form of uncertainty and Among the key themes that transform and lead their businesses into
disruption, be it in the form of new emerged from the plenary discussions sustainable growth enterprises.
September 2017 9NATIONAL DAY AWARDS 2017
The Singapore National Day Awards are a means of recognising various forms of merit and
service to Singapore. This year, a total of 4,322 individuals in 21 award categories received
National Day Honours. ISCA is proud to announce that 45 of our members were conferred
awards for their outstanding service and merit to Singapore.
On behalf of the Institute, ISCA President Gerard Ee and the management would like to
extend their heartfelt congratulations to our award recipients.
The Meritorious Service Medal The Commendation Medal
MR PHILLIP TAN ENG SEONG MR KOH TECK HUA
Vice President, National Council of Social Service Senior Assistant Director Group 2
Chairman, Community Chest Auditor-General’s Office
The Public Service Star MDM NG PECK HUI
Assistant Director, Finance
Curriculum Planning & Development Division 2
DR ERNEST KAN YAW KIONG JP, PBM Ministry of Education
Chairman
Punggol West CCC
MS CHRISTY CHUNG CHAI FANG
Head
MR ONG YEW HUAT PBM Office of Internships & Careers
Chairman Ngee Ann Polytechnic
National Heritage Board
MS LEE PUAY HOON
MDM QUEK BIN HWEE PBM Tax Specialist (Accredited)
President Corporate Tax Division
Singapore Anti-Narcotics Association Board of Directors Inland Revenue Authority of Singapore
The Public Administration Medal (Gold) MR TAN KEK ANN
Manager
DR ANG HAK SENG Individual Income Tax Division
Inland Revenue Authority of Singapore
Deputy Secretary, Commissioner of Charities
Executive Director (Registry of Co-operative Societies)
Ministry of Culture, Community and Youth
MS ANGELA LIM SEOW HWEE
Deputy Director
The Public Administration Medal (Silver) Finance & Accounting
Khoo Teck Puat Hospital
MS ANNA CHENG SOK ENG Alexandra Health System
Director
Internal Audit Department
Ministry of Defence
MDM LOO SWEE CHENG
General Manager
National Skin Centre
MS JEANNE LIEW National Healthcare Group
Principal & Chief Executive Officer
Nanyang Polytechnic
MS KOH AH CHIN
Deputy Director (Budget/Expenditure)
Finance and Procurement
The Public Administration Medal (Bronze) Corporate Development & Services
National Parks Board
MS LOY WEE ING
Senior Assistant Director (Registry and Procurement)
Corporate Development Division MR JAMES FONG LAI CHIN
Ministry of Communications and Information Senior Assistant Director
Finance Division
Sentosa Development Corporation
MR GARY PAN SHAN CHI
Associate Professor of Accounting (Education)
School of Accountancy
Singapore Management University
10 IS Chartered AccountantThe Public Service Medal
MR MELVIN TEO TIAN SING MR CHEN YEE LENG
Chairman Deputy Director/Procurement
Kampong Kembangan CCMC Corporate Procurement
Temasek Polytechnic
MR R. DHINAKARAN
Vice Chairman MRS CHRISTINE QUE CHEONG
Hindu Endowments Board Senior Lecturer
School of Business
Temasek Polytechnic
MR ONG CHAO CHOON
Board Member
National Environment Agency MISS CHEE VOON TING
Manager
Corporate Services Division
The Efficiency Medal Inland Revenue Authority of Singapore
MDM PAULINE HENG WEN ENG MISS NG LEE PENG
Senior Executive (Internal Audit)
Group Internal Audit Division Manager
Singapore Totalisator Board Accounting and Processing Division
Inland Revenue Authority of Singapore
MS LYNETTE LIN YUEFANG MDM JANET YIP SAU MUI
Senior Executive, Finance Department
Corporate Services & Development Division Senior Manager, Levies & Grants Department
National Environment Agency Agency & Self-Employed Group
Central Provident Fund Board
The Long Service Medal MDM CHNG LAY MUI
Principal Internal Auditor
MRS SHYAMALA KRISHNAMOORTHY Information Systems Audit Department
Senior Assistant Director, Group 5 Internal Audit Group
Auditor-General’s Office Housing & Development Board
MS LAU SOO CHING MDM KHOO HWEE HUANG
Group Director, Group 1b Principal Internal Auditor
Auditor-General’s Office Information Systems Audit Department
Internal Audit Group
MDM EILEEN NG PECK EE Housing & Development Board
Deputy Director, Group 1a
Auditor-General’s Office MS NANCY TAN HOCK BOON
Executive Internal Audit Manager
MDM NG LIP NIN Internal Audit
Urban Redevelopment Authority
Group Director, Group 5
Auditor-General’s Office
MS KAREN CHIA LI CHENG
MDM SENG SWEE EE Director, Audit
Agency for Science, Technology and Research
Senior Assistant Director, Group 2
Auditor-General’s Office
MS LIM CHEO HWANG
MDM SALLY LEE SIEW KHENG Assistant Head, Finance
Agency for Science, Technology and Research
Officer, Accounts Unit
Finance Department
National Institute of Education MR MELVIN TAN KHAI HENG
Senior Manager
MR LIM SWEE THIAM Finance & Administration Department
Corporate Services Group
Senior Accountant
Finance Department Energy Market Authority of Singapore
Nanyang Polytechnic
MS LUI YOKE SAN
MR CHOO CHENG CHONG Senior Deputy Director, Finance
Corporate Development Division
Senior Manager
Department of Finance Ministry of Transport
Singapore Polytechnic
MS GOH KAH LENG
MR NG ENG POH Deputy Director, Finance Department
Monetary Authority of Singapore
Academic Mentor
SP Business School
Singapore Polytechnic
September 2017 11IN TUNE
ISCA NEWS
Delegate visits to IRAS and ACRA
ISCA-Temasek ISCA CEO Lee Fook Chiew (first from left);
TF Intl Chief Executive Benedict Cheong (fifth
Foundation International
from right) and ISCA President Gerard Ee
(fourth from right) with the Lao delegation
Public Administration WHAT PARTICIPANTS SAY …
Programme in Accountancy First of all, I would like to
thank ISCA so much for
organising this excellent
I
training. The trainers’ sharing was
SCA and Temasek Foundation stable economy with a foundation of a
candid and I learnt about the
International (TF Intl) hosted 10 good and robust financial system will importance of public policy and
senior Lao government officials also enable the Lao government to Singapore’s tax policies. This spurs
for a five-day leadership course attract quality investments. Laos to improve our accounting
in Singapore from July 17 to 21. Against this backdrop, the standards and legal framework in
ISCA is privileged to be given leadership course covered modules order to collect tax effectively.”
MS BOUNSAVANH VILAYSONE,
the opportunity to contribute our such as Principles of Accounting, Deputy of Division, Tax Department,
expertise and experience towards Corporate Governance, Tax Mechanism Lao Ministry of Finance
the development of the accountancy and Public Sector Financial
We would like to thank
sector in Laos. This course is an Management. There were also visits to ISCA’s team as well as
integral part of the capability-building Inland Revenue Authority of Singapore Temasek Foundation
objective of accountants in Laos, (IRAS) and Accounting and Corporate International for organising the
and is in line with the Memorandum Regulatory Authority (ACRA) to fruitful leadership training. The
of Understanding signed between understand the taxation mechanism course and visits to IRAS and
ACRA provided us insights on the
the Institute and the Lao Chamber and regulatory instruments in
importance of having the
of Professional Accountants and promoting audit quality respectively. involvement of different
Auditors (LCPAA) in October 2016. TF Intl places strong focus on stakeholders for sustainable
This leadership course is a outcomes with multiplier effect, development. We look forward to
tripartite partnership among ISCA, through the transfer of learning by adapting Singapore’s philosophies
LCPAA together with the Lao leaders and trainers to their peers, to and best practices to the Lao
context so as to strengthen our
Ministry of Finance, and TF Intl as the bring about sustained improvements
legal framework and public financial
supporting partner. in their communities. Hence, the management to further improve
The improvement in the quality of programme heralds the start of more the lives of the Lao people. It will
financial reporting in Laos will increase to come in the near future, where the also facilitate regional integration
the credibility of financial information leaders will then transfer what they with ASEAN member states.”
DR PHIRANY PHISSAMAY,
for investors, and would contribute have learnt and experienced here to Deputy Director-General, Accounting
significantly to economic growth. A their colleagues back in Laos. Department, Lao Ministry of Finance
12 IS Chartered AccountantGet Closer | Get Connected
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Visit us: www.pkfsingapore.comIN TUNE
ISCA NEWS
ISCA Sustainability
(From left) Lee Hui Gek, CFO, SP Corporation
Limited; Tan Sze Yen, Senior Vice President
Group Accounting Policy, DBS Bank Ltd;
Reporting Roundtable
Esther An, Chief Sustainability Officer,
City Development Limited; Tan Kiang Kerng,
CFO, Baker Technology Limited; Lim Ju May,
for CFOs
Deputy Director, Corporate Reporting & Ethics
(CoRE), ISCA, and Kevin Yong, Senior Manager,
CoRE, ISCA
T
he Institute held the “ISCA while others have just embarked on their spearheading/driving SR.
Sustainability Reporting (SR) SR journey. The roundtable was a platform for
Roundtable: Chief Financial The participants, who included the dynamic exchange of perspectives
Officers for SR” on July 28, representatives from Baker Technology among participants, where those with
bringing together a diverse mix of Limited, City Developments Limited, more SR experience shared pointers
organisations at different phases of DBS Bank Ltd, Low Keng Huat (Singapore) on how they successfully implemented
SR implementation. Some organisations Limited, Maritime and Port Authority of SR within their organisations,
have implemented SR for many years, Singapore and SP Corporation Limited, thus creating value for both their
some have a couple of years of experience, discussed the role played by CFOs in organisations and themselves.
ASC-ISCA Roundtable on
IASB’s Discussion Paper:
Principles of Disclosure
T
he objective of financial in March 2017 to seek stakeholder
reporting is to provide views on these disclosure issues and
financial information that is approaches to address them.
useful to investors in making On July 24, ISCA jointly held
decisions. It is thus important that such a roundtable with the Accounting
information is effectively communicated. Standards Council (ASC) to solicit
At present, valuable information feedback for this DP. Participants,
is often hidden due to “boiler-plate” including preparers, users, auditors,
disclosures; also, financial information the regulator and academia, had a
is often poorly presented. This makes it lively discussion on existing disclosure
difficult and time-consuming for investors issues and various approaches proposed
to identify the most useful information in the DP.
amid all the information disclosed. An interesting comment centred
The Principles of Disclosures on the “ability” of financial statements and effective communication of
project was initiated by IASB to identify to tell a “complete story” – an approach financial information. Participants’
disclosure issues and develop new or that is ideal in theory but may not be feedback will be considered for
clarify existing disclosure principles. feasible in practice due to resource inclusion in the Institute’s comment
IASB issued a Discussion Paper (DP) constraints and the need for timely letter to IASB.
14 IS Chartered AccountantPlatinum Sponsor: Gold Sponsors: Strategic Partners: Supporting Partners:
IN TUNE
ISCA NEWS
Enthusiastic participants posing with speaker Sarjit Singh
as he received a token of appreciation
ISCA BREAKFAST TALK
The Future Economy: Preparing Accountants
in the Global Game of Change Finance
T
he Committee on the Future reinforced how accountants contribute Projects &
Economy (CFE) was convened to Singapore’s vision to be a trusted Dispute Infrastructure Business
Resolution Corporations Valuation
in 2016 to review Singapore’s global exchange for financing, brokering, LEGAL ACCOUNTING
Intellectual Restructuring Internal
economic strategies. The structuring, and dispute resolution for Property Audit
report, which was submitted in early 2017, international transactions. He then shared Risk Management
& Corporate
contained a number of recommendations nine high-growth areas which would help Governance
for the legal and acounting services sectors. drive demand for Singapore’s legal and
Ardent Associates Executive Chairman accounting services, with emphasis on
Nine high-growth practice areas for the region which can help
Sarjit Singh, who served on the CFE business valuation and internal audit.
drive demand for Singapore’s legal and accounting services
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group, brought his deep knowledge of the to the core attributes that accountants to anticipate new trends and provide
recommendations to the ISCA Breakfast Talk possess, clients would value skill sets integrated cost-effective solutions. More
on August 17. During the interactive such as multi-jurisdictional capabilities, information on the session can be found at
session with over 80 participants, he strong industry knowledge, and the ability https://www.isca.org.sg/documents/bt1708.
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16 IS Chartered AccountantSUSS SCHOOL OF BUSINESS
At Singapore University of Social Sciences (formerly SIM University), we equip students with relevant
business knowledge, real world skills and social awareness so that they will lead with a heart. The School
of Business offers degree programmes in Accountancy, Business Analytics, Business, Finance, Logistics
and Supply Chain Management, Marketing, Security Studies and Visual Communication with
Business. In addition, we also offer graduate programmes: Master of Business Administration, Master
in Management [Urban Transportation], Master of IP and Innovation Management, Doctor of
Business Administration in Management and Doctor of Business Administration in Finance.
BACHELOR OF ACCOUNTANCY
Our Bachelor of Accountancy programme’s
curriculum provides comprehensive SUSS’s Bachelor of Accountancy is
accounting knowledge and relevant recognised by ACRA as a qualification for
industry skills to students who want to registering public accountants under the
Accountants Act. It has been granted
pursue a professional accountancy degree.
accreditation by SAC for direct entry to
The programme provides training in the Singapore Chartered Accountant
general business skills, accounting, Qualification Professional Examinations.
taxation, assurance, attestation, analytics
Graduates also enjoy exemptions from
and strategy. The programme is also
ACCA and CIMA professional
mapped to SCAQ and other professional
examinations.
examination requirements.
All our full time accountancy students go
through a substantive 6 months
attachment at approved ATOs.
For more information on the work attachment , please contact:
Office of Career Development at careerdev@suss.edu.sg
Find out more at suss.edu.sg/sbizIN TUNE
ISCA NEWS
Accredited Tax Advisor (Income Tax)
Rohan Solapurkar dissected key tax issues and
Digging Deeper into provided updates on the current tax landscape
Tax for Members
B
ringing greater clarity to of IRAS’ perspectives on the topic; it was
not just accredited tax also the perfect opportunity to clarify
professionals but also to any doubts with IRAS officers.
chartered accountants was Separately, in the first collaboration
the thrust of the Singapore Institute of of its kind between SIATP and ISCA,
Accredited Tax Professionals (SIATP)’s members from both bodies had the
activities in recent months. The series opportunity to explore the region’s IRAS officers answered participants’ questions
about Total Assets Method e-Tax guide after the
on the Inland Revenue Authority of tax developments with Accredited Tax
session ended
Singapore (IRAS)’s e-Tax guides again Advisor (Income Tax) Rohan Solapurkar,
attracted a capacity crowd. This time, Tax Partner at Deloitte Singapore. The participants with enriching perspectives
the focus was on the Total Assets discussion, which spanned an array and interesting takeaways of the region’s
Method e-Tax guide. The compact 1.5- of tax issues and included valuable tax developments.
hour event provided SIATP and ISCA insights from Mr Solapurkar, resulted To participate in future sessions,
members with a deeper understanding in an extended session that provided please email enquiry@siatp.org.sg.
ISCA CALENDAR OF EVENTS 2017
SEPTEMBER Signature Events MEMBERS’
Wednesday ISCA Breakfast Talk PRIVILEGES
13 Beyond the Numbers - Your Role in
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Career Pathways Talk Special packages for
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Hear first-hand accounts from featured eye brow shaping and design
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18 The “How to” of implementing SGX
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Visit Raffles Medical Clinics for
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October ISCA Breakfast Talk Young Earth Sanctuary
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October ISCA Mingles For more details, go to
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18 IS Chartered Accountant
Dates and events are subjected to change without prior notice.
For more details, visit www.isca.org.sgBuilding An Influence
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Invite your colleagues and friends to join the ISCA community and
be rewarded with shopping vouchers with each successful referral.
Get more information at isca.org.sg/BuildingAnInfluence
Global Mindset, Asian InsightsFOCUS
SINGAPORE CORPORATE AWARDS 2017
SINGAPORE CORPOR
ISCA Members Feted at Awards Ceremony
BY
WANDA TAN, ASHUTOSH RAVIKRISHNAN
AND KOH YUEN LIN
T
he cream of the crop in local
corporate governance was
honoured yet again at this year’s
Singapore Corporate Awards
(SCA) 2017. The event was held on
July 18 at Resorts World Convention
Centre. First launched in 2005, SCA
recognises SGX-listed companies
and individuals who have shown excellence in
raising Singapore’s corporate disclosure standards
and corporate governance. It is organised annually
by ISCA, Singapore Institute of Directors and
The Business Times, with the support of the
Accounting and Corporate Regulatory Authority
and Singapore Exchange (SGX).
A total of 30 companies, ranging from small
caps (market capitalisation below S$300 million) to
large caps (market capitalisation of S$1 billion and
above), received awards for Best Managed Board,
Best Investor Relations and Best Annual Report
while a Special Recognition Award went to Singapore
Telecommunications Ltd (Singtel) for its board diversity.
Having swept all three Best Chief Financial
Officer Awards (across the small, mid and big cap
categories) in 2016, ISCA members were back in the
limelight this year. Individual honours for Best Chief
Financial Officer (CFO) and Best Chief Executive
Officer (CEO) were given to six recipients – three of
whom are ISCA members.
Singtel’s Chua Sock Koong was named Best CEO
(big cap category). She is the first woman to receive
the accolade as well as the first person to have won
both the Best CEO and Best CFO Awards in SCA’s
12-year history. Last year, Ms Chua also received
the Outstanding Professional Accountant Award
at the Singapore Accountancy Awards 2016.
Two other notable ISCA members lauded at
SCA 2017 were Darren Tan of Oversea-Chinese
Banking Corporation Ltd (OCBC Bank) and
Foo Ai Huey of Centurion Corporation Ltd. They BEST CHIEF EXECUTIVE OFFICER AWARD
clinched the Best CFO Award in the big cap and (BIG CAP CATEGORY)
small cap categories, respectively.
What are the secrets of their success? Find out Chua Sock Koong
in the following pages as our award-winning ISCA Group CEO, Singtel Ltd
members share their inspirations and motivations.
20 IS Chartered AccountantRATE AWARDS 2017
BEST CHIEF FINANCIAL OFFICER AWARD BEST CHIEF FINANCIAL OFFICER AWARD
(BIG CAP CATEGORY) (SMALL CAP CATEGORY)
Darren Tan Foo Ai Huey
CFO, OCBC Bank Ltd CFO, Centurion Corporation Ltd
September 2017 21FOCUS
SINGAPORE CORPORATE AWARDS 2017
WHEN CHANGE
COMES CALLING
Chua Sock Koong , FCA (Singapore), Group CEO, Singtel
Chua Sock Koong is keenly aware well. No longer just a telco, Singtel local bourse. “It was a groundbreaking
of the weight of her responsibilities now has investments in cloud and exercise that was extremely successful
as the head of one of Asia’s largest cyber security, digital marketing and – 90% of eligible Singaporeans
telecommunications groups. analytics. These efforts to take the became our shareholders,” says
“Knowing that Singtel plays a critical Group to its next phase of growth Ms Chua, pointing out that the IPO
role in connecting 655 million mobile helped Ms Chua to clinch the Best made Singtel the largest company
customers across the world is one CEO Award (big cap category*) at the listed on the then-Stock Exchange
of the things that gets me out of bed Singapore Corporate Awards 2017. of Singapore (now known as the
every day,” she tells the IS Chartered Singapore Exchange or SGX).
Accountant journal. Another, she TRANSFORMATIONS ABOUND Change came knocking once
adds, is “the excitement about the Change is something Ms Chua learnt to again when the government decided
possibilities that our increasingly embrace early in her 28-year career in to liberalise the telecom sector in
digital world offers” – and the role Singapore’s telecom industry. As soon 1996, ending Singtel’s monopoly
Singtel plays in empowering people to as she joined in 1989, Ms Chua was of the market. “When (we heard
embrace technologies of tomorrow. tasked to lead the corporatisation the news), we thought Singtel was
“The advent of the Internet of of the then-Telecommunication ready for it. After all, we were the
Things, smart cities and 5G means Authority of Singapore (TAS), a incumbent player,” Ms Chua says. But
that the info-communications statutory board responsible for reality was to be different. Just one
(infocomms) business has never been the Republic’s telecommunications month after its debut in April 1997,
more exciting,” says the 59-year- services. “Back then, it felt as if I had M1 grabbed some 10% of mobile
old, who serves as Group CEO of been plunged into the deep end, but market share. “It was a good wake-up
Singtel. Some might be daunted looking back, those early years were call and we fought to keep our market
by the dizzying speed of change character-building ones,” she recalls. share. Since then, we’ve never taken
that characterises life today, but The project involved working with our incumbency for granted.”
Ms Chua is not one of them. “My the government on a framework to
experiences have taught me that set up an independent regulatory
change isn’t something to be feared. body and two separate operating
It is necessary if one is serious about companies – Singtel and SingPost – as s
progress,” she explains. well as implementing the transfer of “My experiences have
Under Ms Chua’s leadership, staff and assets while also preparing
taught me that change
Singtel has successfully navigated staff for future competition.
today’s fast-changing infocomms In 1993, Ms Chua was involved in
isn’t something to be
landscape and become a regional Singtel’s initial public offering (IPO), feared. It is necessary
telco, with operations and when 11% of the company’s shares if one is serious
investments in 23 countries. Singtel’s were traded for the first time on the about progress.”
diversification is not just geographic,
*The big cap category is open to SGX-listed companies with
it extends to its business lines as S$1 billion and above in market capitalisation.
22 IS Chartered AccountantSeptember 2017 23
FOCUS
SINGAPORE CORPORATE AWARDS 2017
THE LEARNING NEVER STOPS
It was not just the company and the
market that changed over the years –
Ms Chua’s professional roles did as well.
Having joined Singtel as Treasurer, she
assumed the role of Group CFO in 1999.
She shone in this role, sweeping up
numerous awards and accolades during
her seven-year stint.
What were the keys to her success?
“My accountancy background gave
me a solid foundation to understand
business, appreciate the science of
finance and the risk-reward trade-offs
involved in managing businesses well,”
shares Ms Chua, who holds a Bachelor
of Accountancy degree from the then-
University of Singapore. Another factor
was her ISCA membership, which kept
her abreast of the latest developments in
accounting-related technical standards,
issues and perspectives. “These helped
me to stay ahead of the changing
expectations of businesses, investors
and stakeholders.”
Ms Chua considers her CFO role as
a “training ground” that prepared her
for her current position as Group CEO.
“It gave me a solid understanding of the
basics of the business. I also had insights
into the changing telecom landscape.” But
succeeding as a CFO does not guarantee
Career Milestones
1989 Treasurer, Singtel
1999 Group CFO, Singtel
2006 Group CFO and CEO, International, Singtel
2006 Deputy Group CEO, Singtel
2007 Group CEO, Singtel
24 IS Chartered Accountantthat one will be an effective CEO as both we took the plunge anyway,” recalls
play very different roles in a company. Ms Chua. Those ventures have paid off.
The roles also require different Today, Singtel’s overseas operations
skill sets. “The role of a CEO is more account for about 70% of the Group’s
expansive, so CFOs aspiring to take on earnings. It was not just Singtel’s
the top role should welcome additional regional expansion that attracted
responsibilities in areas that may not cynicism. Plans to invest in nascent
be directly related to finance, like technologies like digital marketing and
legal matters and strategic planning,” cybersecurity were also criticised, but
Ms Chua says, stressing that these as Ms Chua points out, these ventures
are key to a deeper understanding of now contribute more than 9% to the
the business. Group’s revenue.
Some of the telco’s ventures have
TAKING ON TECH been successful, some have not achieved
Ms Chua was subsequently appointed their objectives. Ms Chua, however,
Group CEO of Singtel in 2007. In her chooses to believe that being open to
current role, she is focused on keeping failure means being open to opportunity.
Singtel relevant and ahead of the curve “We certainly made mistakes on some
instead of being a company that merely deals. But the experience taught us how
reacts to change. “We ask ourselves how to better evaluate our investments,
we should innovate our core businesses, work with partners and set up proper
create sustainable new digital ventures processes,” she explains. “They also
and navigate our transition into the honed our cultural sensitivities as we
digital economy,” she says. bought into more businesses overseas.”
Singtel has taken calculated risks Although embracing change has
in an effort to create long-term growth. helped Singtel to remain relevant,
“We invested in regional telcos in India Ms Chua says it is important to help
and Australia in spite of challenging staff manage the level of change. To do
conditions. Back then, naysayers said this, the corporate culture at Singtel
we would fail because we had zero does not shun or reject change. Instead,
experience in operating overseas, but it nurtures staff to be nimble and take
risks – traits that are even more valuable
today, given the rapid pace of disruption.
s “Teamwork is important for this, as
the sum is greater than the parts,” she
“My accountancy explains. “We need to field the best team
background gave me a possible as we tackle future challenges.”
solid foundation to This sums up Ms Chua’s approach
understand business, to leadership – to nurture people to be
appreciate the science of the best that they can be, instead
finance and the risk-reward of accepting them as what they are.
“A good leader is like a good coach,”
trade-offs involved in
she says. “(We have to) play to each
managing businesses well.” person’s strengths, then we can bring
out the best in everyone.”
September 2017 25FOCUS
SINGAPORE CORPORATE AWARDS 2017
BEYOND
he says. Finance and accounting
are two halves of the financial
book. “Accounting is more focused
on the past and finance is more
NUMBERS
focused on the future. I preferred
to do something that can impact
future outcomes,” he explains. Upon
graduation, he joined GIC as Portfolio
Manager, trading first in foreign
exchange, then moving to other
Darren Tan, FCA (Singapore), aspects of GIC investments such as
CFO, OCBC Bank bonds and commodities. “I was very
much the macro guy taking positions
according to trends and analyses,”
You could say 41 is a comparatively “I realised that I have to be myself.” says Mr Tan, whose last position at
young age to be appointed as a That mindset enabled him to GIC was Head of Money Markets.
chief financial officer, what more confidently apply his background The role allowed him an easy
at OCBC Bank, Singapore’s longest- experience as Portfolio Manager of transition when he joined OCBC
established bank and the second- Government of Singapore Investment Bank as Head of Asset Liability
largest financial services group in Corporation (GIC) to his new role, Management, Global Treasury,
Southeast Asia by assets. injecting youthful agility to the in 2007. Then came the financial
It certainly was a big challenge Finance department and putting an meltdown in 2008. “I was close to
for Darren Tan. “The six months emphasis on developing the value-add being in the hottest seat!” he recalls
understudying my predecessor aspects of the team’s work in steering with a laugh. But if there is anything
(Soon Tit Koon, who had been in the the organisation’s growth. Mr Tan has in abundance, it is grit.
financial sector for 28 years before Today, with six years of “Perhaps it was how I managed to
retiring) was difficult, as I was experience in his role, Mr Tan was pull through the difficult period that
moving from an area of expertise named Best CFO (big cap category*) got the attention of the management
that I was comfortable in – as Head of at Singapore Corporate Awards 2017. or Board of Directors.” So it was no
Asset Liability Management in Global surprise when David Conner, then the
Treasury – to totally unfamiliar A CAREER OF CEO of OCBC Bank, approached him
ground,” he recalls. UNEXPECTED TURNS with the proposition of stepping into
By all accounts, Mr Tan, now 46, A Science student, Mr Tan turned the role of CFO.
is understating the size of the down a place in the School of
challenge he faced then, when he Electrical and Electronic Engineering WORKING “SMART”
stepped into the role in 2011. It was at Nanyang Technological University Of the Best CFO Award, Mr Tan says
when the financial sector was under (NTU). He opted instead for it is “an affirmation of not just the
fierce scrutiny following the Lehman Accountancy at NTU, where he external work that has been reported,
Brothers’ collapse three years graduated with First Class Honours. but also the invisible, internal
previously. His family saw less of him “I studied Accountancy for practical
as he put in longer hours to get up to reasons; I couldn’t wait to go out to
speed. “The first six months in the
position were even tougher (than the
work and this was a professional
degree with direct honours that took
s
six months understudying Mr Soon),” only three years,” he explains.
“(Accountants) should be
says Mr Tan. “How do you step However, Mr Tan made a able to highlight strange
into the shoes of a well-respected deliberate decision to avoid the phenomena, and spot
veteran? How do you walk and talk common practice of starting an abnormalities. Moving
like a CFO? How do you (take on) the accountancy career as an auditor away from the past into
gravitas of a leader?” or accountant. “My experience as the future – that is how
He tried emulating the ways a CFO is quite different as I first
I think the accounting
of his predecessor. But after half started out as a portfolio manager,”
a year, Mr Tan decided he would not profession should evolve.”
*The big cap category is open to SGX-listed companies with
model himself after someone else. S$1 billion and above in market capitalisation.
26 IS Chartered AccountantMarch 2017 September 27
FOCUS
SINGAPORE CORPORATE AWARDS 2017
aspects of what my team is striving
to achieve”. He is, he emphasises,
“simply a representative of the team”.
This internal aspect refers to what
he has coined as “S.M.A.R.T.” finance
– thinking strategically (S), mining
data and information for insights
(M), analysing and advising business
partners (A), facilitating resources
allocation (R) and grooming talent (T).
“This is the vision I have for
every member in OCBC Bank’s
Finance department, and what
it translates to, is an innate
inquisitiveness about everything,”
he explains. “Always ask why. Why
are we producing this report? Why
are we doing things a certain way?
Why have you generated a certain
number? I encourage them to look
beyond numbers and be passionately
curious. The story behind the
numbers is a lot more important.”
He goes on to say that the usual
way of managing a bank has evolved
after the 2008 financial crisis, and
it is evolving into “one where you
have to be very mindful of how
every single dollar is used”. As such,
“accountants can no longer say, ‘Oh,
this is none of my business, I am just
producing a number.’ They should be
able to highlight strange phenomena,
and spot abnormalities. Moving away
from the past into the future – that is
how I think the accounting profession
should evolve,” he explains.
“Thus, we are emphasising on
developing talent who can value-
add. Beyond reporting figures, the
Finance department should also
be instrumental in steering an
organisation in the right direction for
business development,” says Mr Tan.
This is the same approach he takes
for his role as CFO. “There has been
on-going discussion about the CFO
playing the role of strategic partner
to the CEO, and that is certainly how
I see it. The CFO should be able to
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